Layoffs 2024: 3 Stocks That Ought to Copy Tesla’s Job Cuts

The rubber hit the road on April 15 as Tesla (NASDAQ: TSLA ) announced it was cutting more than 10% of its global headcount to reduce costs and increase productivity. “As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” Investor’s Business Daily reported Elon Musk’s comments from his memo sent to employees. “We are developing some of the most revolutionary technologies in auto, energy and artificial intelligence.” Of course, with all the executive departures, he might need someone to help him achieve all these amazing things he has in store for the world. One thing that rings true in Musk’s comments is the CEO’s suggestion that the company’s rapid growth has led to the duplication of some jobs and functions in certain parts. What, specifically, are these areas of overlap and redundancy? We won’t know until the cuts are made. In the meantime, plenty of other companies in the S&P 500 could use a little downsizing....

InvestorPlace - 4/23/2024 7:00:00 AM More News for ITW
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